The 2 options you provide are not really related much to the final performance you will get. Either way you will still need many draw calls each time you have to change materials, textures, shaders, etc.
Efficient rendering is a higher-level process and very involved. You need to keep updated AABB’s for each object and use them for frustum culling, which can be further improved via an oct-tree.
Once you have a list of things you want to draw you need to sort them by shader, texture, and possibly depth in order to reduce the number of redundant state changes.
Then render them in sorted order. Of course that does no good if you don’t also have a system in place for eliminating redundant state changes. That is if the same shader is set twice in a row, the second time should be a do-nothing call.
If you are really worried about performance, be prepared to put in a lot of effort.